lons 2. Comparative and absolute advantage ccess Tips Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the ress Tips rest. OR YOU Corn Rye (Bushels per acre) (Bushels per acre) Nick 12 6. Rosa 15 On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. ack 120 108 Nick's PPF 96 84 Rosa's PPF 72 60 48 36 24 12 480 540 600 60 120 180 240 300 360 420 CORN (Bushels) RYE (Bushels)
lons 2. Comparative and absolute advantage ccess Tips Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the ress Tips rest. OR YOU Corn Rye (Bushels per acre) (Bushels per acre) Nick 12 6. Rosa 15 On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. ack 120 108 Nick's PPF 96 84 Rosa's PPF 72 60 48 36 24 12 480 540 600 60 120 180 240 300 360 420 CORN (Bushels) RYE (Bushels)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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There are two parts to this question; first is a chart and second are fill in the blanks. I am getting a graph that doesn’t look exactly like I’d expect, and therefore I’m having some trouble with the fill-in the blanks. If you could show how you got your answer as well, that would be great! Thanks!
Transcribed Image Text:Homework (Ch 03)
299066
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d Study Tools
Attempts 2.6
Keep the Highest 2.6 /3
lons
2. Comparative and absolute advantage
ccess Tips
Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per
year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the
ress Tips
rest.
OR YOU
Corn
Rye
(Bushels per acre)
(Bushels per acre)
Nick
12
6.
Rosa
15
5
On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol)
to plot Rosa's PPF.
ack
120
108
Nick's PPF
96
84
Rosa's PPF
72
60
* 48
36
24
12
120 180
240
300 360
420
480
540 600
60
CORN (Bushels)
RYE (Bushels)
Transcribed Image Text:36
24
12
60
120
180
240 300
360
420
480
540
600
CORN (Bushels)
has an absolute advantage in the production of corn, and
has an absolute advantage in the production of rye.
Nick's opportunity cost of producing 1 bushel of rye is
bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is
bushels of corn. Because Nick has a
opportunity cost of producing rye than Rosa,
has a comparative advantage in the
production of rye, and
has a comparative advantage in the production of corn.
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